In recent times, the theme of duties has returned overwhelmingly At the center of the economic and geopolitical debate. The commercial tensions between the United States and China, the protectionist policies announced by Donald Trump and the new economic strategies of the European Union have rekindled attention on this topic. But what exactly are the duties and why are they so important for the global economy?
What is the meaning of the duties
The duties are imposed applied on goods imported from one country to another.
The main purpose The duties is to protect the economy of a country and regulate international trade, preventing unfair commercial practices and promoting certain policies to maintain financial balances.
In addition to being economic policy tools, in fact, duties are often used as diplomatic levers in the commercial disputes between states.
What are the duties in economics
From an economic point of view, the duties fall within the so -called protectionist measuresthat is government interventions aimed at limiting free trade to protect certain industrial sectors. There are different types of duties, including:
- Valorm duties that is, calculated – as the name itself suggests – as a percentage with respect to the value of the imported goods;
- specific dutiesapplied fixed, to which value is determined on the basis of a specific unit, such as weight, volume or quantity of product;
- Anti -dumping dutiesapplied on products imported from countries that practice dumping, that is, when an exporting country sells its goods at a lower price than their normal value or production cost, in order to obtain a unfair competitive advantage on the destination market.
Who pays the duties and how they are calculated
Often it is thought that duties are paid entirely by exporting countries, but reality is more complex, because the burden of duties falls on import companieswhich then unload the costs on final consumers through the increase in prices. For example, if the United States impose a 25% duty on European cars, the car manufacturers and dealers will have to face the additional cost, transferring it in part or completely on customers.
Customs duties are established based on several criteria. First of all, Each product has a specific code Within the international tariff nomenclature, but may vary according to the country of origin and for specific commercial agreements between countries. The calculation of the same can be based on the value declared to import or on prices reference established by the customs authorities.
In fact, The customs of each country are responsible for applying duties and collection of incoming goods taxes.
Why does Trump want duties?
It is not a new topic that of the duties for Donald Trump. The US President, in fact, has relaunched theThe debate on duties already in 2018when at its first election it imposed rates on hundreds of billions of dollars of Chinese products, unleashing a commercial war with Beijing.
Its strategy, based on the slogan “America First”aimed at Reduce the commercial deficit (in fact Trump has always accused China and other countries of taking advantage of the American market, exporting more than they import from the USA) and Protect American industries (in particular steel, aluminum, automotive and high-tech, sectors considered strategic for the national economy), discouraging imports and encouraging the US trade.
Trump’s position in fact has not changed much. After the settlement ceremony, in fact, one of his first interventions was to announce New universal duties of 10% on all importsclaiming that this would relaunch the American economy. However, economists and analysts warn that this policy could increase prices for consumers and trigger new global commercial tensions.
Because so much is talked about
TRMP policies on duties have had a lasting impact on global trade already in the past and risk having it still today. On the decisions made and the agreements achieved, therefore, depending on the fate of many economies.
Just think that the consequent commercial war between the United States and China have generated and powered economic and political uncertainties influencing international markets for several years, even under the Biden administration, up to the present day.
From these problems Italy is not exempt That, being one of the major economies in Europe that matters in the USA, will be exposed to the negative reflections of the imposed rates.
